Veem Ltd (AU:VEE) has released an update.
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VEEM Ltd has been granted $1 million by the Australian government for the installation of advanced manufacturing equipment aimed at enhancing its production of naval components such as propellers. This funding covers half of the project cost, enabling VEEM to expand its capabilities in the defense sector, particularly in light of opportunities from programs like AUKUS. The new equipment will be installed in VEEM’s extended facilities in Western Australia, expected to be completed by the end of 2025.
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